上海吉祥航空股份有限公司 关于公司购买飞机的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：603885 证券简称：吉祥航空 公告编号：2025-089 重要内容提示： 上海吉祥航空股份有限公司（以下简称"公司"或"本公司"）拟与空 中客车公司（AIRBUS S.A.S，以下简称"空客公司"）签订《飞机购买协议》， 根据该协议，本公司向空客公司购买 25 架空客 A320 系列飞机（以下简称"本 次交易"），经国家批准认可后，空客公司将于 2028 年至 2032 年分批向本公司 交付上述飞机。 本次交易不构成关联交易，亦不构成《上市公司重大资产重组管理办 法》规定的重大资产重组。 2025 年 12 月 29 日，公司第五届董事会第二十二次会议审议通过了《关 于公司购买飞机的议案》，该事项尚需提交股东会审议及国家批准认可。 本次购买飞机，系为保障公司未来正常生产运营需要进行的采购。双方 已达成合作共识，但是后续可能存在飞机交付进度不达预期或受不可抗力影响 而延期等风险。敬请广大投资者谨慎决策，注意投资风险。 ...

证券代码：603885 证券简称：吉祥航空 公告编号：临 2025-088 上海吉祥航空股份有限公司 第五届董事会第二十二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 上海吉祥航空股份有限公司（以下简称"公司"）第五届董事会第二十二次 会议于 2025 年 12 月 29 日以现场结合通讯表决方式召开。会议通知于 2025 年 12 月 24 日以电子邮件、电话等形式发出。会议由公司董事长王均金先生召集并 主持，公司全体董事认真审阅了会议议案，全部 9 名董事对会议议案进行了表决。 会议参与表决人数及召集、召开程序符合《中华人民共和国公司法》（以下简称 "《公司法》"）和《公司章程》的有关规定，所作决议合法有效。 二、董事会会议审议情况 本次董事会会议审议并通过了以下议案： （一）审议通过《关于公司购买飞机的议案》 董事会同意与空中客车公司（Airbus S.A.S.，以下简称"空客公司"）签订 协议，向空客公司购买 25 架 A320 系列飞机，前述 25 架 A320 系列飞机的基 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601111 | 中国国航 | 9.10 | 4.36% | 132.56万 | 12.10亿 | | 601021 | 春秋航空 | 58.43 | 3.51% | 7.04万 | 4.07亿 | | 600029 | 南方航空 | 7.74 | 2.93% | C 83.93万 | 6.50亿 | | 600115 | 中国东航 | 5.69 | 2.52% | 143.38万 | 8.16亿 | | 603885 | 吉祥航空 | 14.25 | 1.64% | 24.13万 | 3.43亿 | | 600221 | 海航控股 | 1.81 | 0.56% | 1039.67万 | 19.03亿 | | 6600000 | 中信海直 | 20.48 | 0.34% | 15.36万 | 3.16亿 | | 600009 | 上海机场 | 33.39 | 0.03% | 10.75万 | 3.61亿 | | 002928 | 华夏航空 | 10 ...

Summary of Key Points from Conference Call Records Industry Overview Chinese Companies and Global Demand - Chinese listed companies maintain higher overseas gross margins compared to domestic margins, particularly in capital and technology-intensive industries, indicating a significant competitive advantage [1] - The global demand in 2026 is expected to be favorable for Chinese outbound enterprises, benefiting from the latter half of the Federal Reserve's easing cycle, with an uptrend in global industrial and infrastructure capital expenditure [1][5] Aviation Industry - The aviation sector is viewed as a major investment opportunity, with ticket prices showing positive year-on-year growth, serving as a catalyst for the industry [1][6] - Despite fluctuations in December ticket prices, strong travel demand during the holiday season is anticipated to support price increases post-New Year [6] - Recommended stocks include China National Aviation, Juneyao Airlines, China Eastern Airlines, Southern Airlines, and Spring Airlines [6] Shipping and Oil Transportation - The oil shipping market experienced significant price fluctuations recently, with a notable drop in TCE rates for VLOCs [7] - Long-term outlook remains optimistic due to increased oil production driving demand, with a recommendation to focus on COSCO Shipping Energy, China Merchants Energy Shipping, and China Ship Leasing [8] Chemical Industry - The chemical sector, particularly the spandex segment, is performing well, with Huafeng Chemical showing significant cost advantages and benefiting from demand growth [9] - Other noteworthy areas include coal chemical companies like Hualu Hengsheng and soda ash producers like Boyuan Chemical [9] Metals Sector - The metals sector is experiencing strong performance, with gold reaching new highs and significant increases in silver, copper, aluminum, and lithium carbonate prices [11] - The supply side remains rigid, and the demand recovery driven by liquidity and AI-related factors is expected to keep prices on an upward trend [11][12] Company-Specific Insights Coal Market - Current coal prices are declining, with expectations of stabilizing around 670 RMB/ton as a bottom [3][18] - The outlook for 2026 suggests a rebound in coal demand due to a recovery in thermal power generation [21] Petrochemical Industry - The petrochemical sector is optimistic for 2026, with signs of inventory replenishment and a favorable price index for products [16] - The polyester supply chain is particularly promising, with recommendations for Tongkun Co., New Fengming, and Hengyi Petrochemical [17] New Materials - Focus areas in the new materials sector include lubricant additives, storage materials, and AI-related high-speed technologies, with specific companies recommended for investment [10] Energy Metals - The lithium carbonate market is expected to remain strong due to increasing storage demand, with recommendations for stocks in the energy metals sector [14] Steel Industry - Leading steel companies like Nanjing Steel and Baosteel are seen as good investment opportunities despite recent adjustments, with a projected decline in capital expenditure for 2026 [15] Additional Considerations - The overall sentiment for the Chinese stock market in 2026 is optimistic, driven by economic reforms and increased capital inflows [3] - The impact of monetary policy, geopolitical factors, and supply uncertainties on various sectors should be closely monitored [2]

Investment Rating - The industry investment rating is not explicitly stated in the provided content, but the analysis suggests a cautious outlook for 2026 due to supply constraints and demand resilience. Core Insights - The report indicates that 2026 is expected to be a turning point for the aviation industry, with a genuine reversal in supply and demand dynamics anticipated [60][64]. - Supply constraints are highlighted, with aircraft manufacturers Boeing and Airbus expected to continue facing delivery delays, impacting overall capacity [9][12]. - Demand remains resilient, with a projected growth rate of approximately 5% for 2026, despite supply limitations [36][56]. Supply Summary - Aircraft manufacturers are experiencing capacity shortages, with Boeing and Airbus not expected to return to pre-pandemic delivery levels [9][10]. - The report notes that the delivery volume for Boeing's B737MAX and Airbus's A320NEO remains below pre-pandemic figures, with 2026 targets still not reaching those levels [10]. - Engine issues are affecting the industry, with an increase in grounded aircraft expected in 2026 due to problems with Pratt & Whitney engines [16][17]. - The aircraft utilization rate is projected to increase slightly in 2026, but the growth potential is limited [21]. Demand Summary - The demand for air travel is expected to show resilience, with a projected passenger turnover growth of 8% in 2025, leading to a 5% growth in 2026 [37][56]. - Domestic air travel demand is anticipated to outpace rail travel, with increasing flight distances to counter competition from high-speed rail [41][44]. - The report suggests that the passenger load factor is expected to reach historical highs, with a forecasted increase to 87% in 2026 [50][56]. - Potential demand growth is expected to exceed 5%, but actual demand growth will be constrained by supply limitations [53][56]. Conclusion - The aviation industry is poised for a significant shift in 2026, with supply constraints likely to create a supply-demand imbalance, leading to increased ticket prices and a focus on capacity management [60][66].

Summary of Key Points from Conference Call Records Industry Overview Commodities - Recent strong performance in commodity prices, with gold surpassing 4,600 yuan, silver increasing by 11% to 80 USD, and LME copper stabilizing above 12,000 USD. Early year copper prices were below 75,000 yuan [2][7] - Short-term price fluctuations due to factors like silver delivery month squeeze, not driven by supply-demand improvements. Long-term outlook remains positive due to a weaker dollar and anticipated Fed rate cuts [2][7] - The current commodity cycle is influenced by international competition, differing from previous cycles driven by real estate and infrastructure [3][8] Aviation Sector - Positive outlook for the aviation sector in 2026, with New Year ticket prices up by 6-7% and passenger load factors increasing by 1-2%. Recovery in China-Japan-Korea routes noted [4] - Anticipated recovery in airline profitability to exceed 2019 levels due to extended holiday periods and improved travel demand [4] Express Delivery Industry - Jitu's stable growth in Southeast Asia, recommended as a stock with potential for doubling in three years. SF Express exited the Douyin return segment to protect profits, with a 30% increase in package volume but unfulfilled profit expectations [5][6] - Focus on bottoming SF Express stock, while waiting for data from other express companies for validation of growth potential [6] Non-Ferrous Metals - Positive outlook for the non-ferrous metals sector in 2026, though growth may not match 2025 levels. Current valuations are lower than in 2025, with high certainty of EPS recovery [10] - Energy metals remain undervalued, presenting investment opportunities [10] Coal Industry - Recent decline in coal prices, with the coal index down by 0.89%. However, coking coal fundamentals remain strong, with prices up 170 yuan per ton year-on-year [11][12] - High inventory levels suppress price rebounds, but potential stabilization due to weather factors is noted. Recommendations include investing in high-dividend coal companies [12] Core Insights and Arguments - The commodity price center is expected to rise long-term, supported by macroeconomic factors such as a weaker dollar and Fed rate cuts [2][7] - The aviation sector is projected to recover significantly, driven by increased travel demand and favorable pricing trends [4] - The express delivery market shows resilience, with specific companies like Jitu and SF Express highlighted for their growth potential [5][6] - Non-ferrous metals are positioned for a strong performance, with a focus on energy metals as attractive investment options [10] - The coal industry faces challenges with price declines but offers opportunities in high-dividend stocks amidst stable fundamentals [12] Additional Important Points - The equity market is not overheated, with P/E and P/B ratios at historical lows, indicating a favorable environment for investment [9] - The end of the current commodity cycle will depend on factors such as the restoration of dollar credit, supply chain restructuring, and domestic policies [8]

大家早上壕！ 先看海外要闻： 美股迎小幅调整，道指收跌0.04%、纳指收跌0.09%、标普500收跌0.03%；英伟达收涨1.02%、亚马逊收涨0.06%、特斯拉收跌2.10%、Meta、谷 歌A、苹果、微软至多跌0.64%。 全球多地的数据中心开发商正采用航空发动机衍生的涡轮机和化石燃料发电机进行发电。 白银期货涨超10%，创历史新高逼近80美元关口；现货铂金涨8.84%，刷新历史高位；现货钯金涨12.38%；纽约铜涨5%；周一亚市早盘白银再度 大涨逾5%。 芝商所12月26日发布重大保证金调整通知称，将于12月29日收盘后，全面上调黄金、白银、锂等金属期货品种的履约保证金。 全球最大的黄金ETF SPDR Gold Trust持仓量为1071.13吨，较前一个交易日增加2.86吨。全球最大的白银ETF iShares Silver Trust持仓量为16390.56 吨，较前一个交易日减少56.41吨。 特朗普称俄乌"接近达成协议"，"20点和平计划"已95%谈妥。 国内重大事件汇总： 一周券商策略前瞻： 本周各家券商策略分析师整体依旧保持乐观。 华西策略李立峰团队称，岁末年初多头势力聚集，"春季躁动"行 ...

Macro and Finance - Offshore RMB broke the 7.00 mark for the first time since September 2024, indicating a strong appreciation momentum and increased market confidence in the currency [2] - The State Administration for Market Regulation is guiding compliance in the photovoltaic industry to address issues of low-quality competition and market distortion, which are affecting profitability and innovation [3][4] - The risk reserve ratio for personal public funds may be lowered, as regulatory focus shifts to breaking the current disparity in reserve requirements between personal and non-personal public funds [5] - The Ministry of Finance and other departments issued the "Corporate Sustainable Disclosure Standards No. 1 - Climate (Trial)" to encourage companies to voluntarily disclose climate-related risks and opportunities [6] - The National Development and Reform Commission and the National Energy Administration released opinions to promote the large-scale development of solar thermal power, aiming for a total installed capacity of 15 million kilowatts by 2030 [7] - The Ministry of Finance plans to expand fiscal spending and enhance employment support in 2026, indicating a proactive fiscal policy approach [8][9] - The National Bureau of Statistics will release the December PMI data, with November's manufacturing PMI at 49.2%, showing slight improvement [10] - The central bank will have 622.7 billion yuan in reverse repos maturing in the coming week, indicating liquidity management in the market [11] - The Federal Reserve will release the minutes of its December meeting, with expectations of ongoing discussions about interest rate adjustments [12] Capital Market - China's ETF market is approaching 6 trillion yuan, with stock ETFs accounting for over 63% of the total market value [13] - CITIC Securities highlights the performance of ETFs, noting that 39 out of 360 industry/theme ETFs reached new highs in December, with a focus on sectors like telecommunications and aerospace [14][15] - The National Venture Capital Guidance Fund has been launched with a government investment of 100 billion yuan, aiming to attract over a trillion yuan in social capital for strategic emerging industries [16] - The A-share market saw an 8-day rally, with the Shanghai Composite Index rising 1.88% to 3963.68 points, driven by strong performance in metals and defense sectors [17] - The National Investment Silver LOF has adjusted its investment limits due to market volatility, indicating a response to price fluctuations [18] - Over 580 billion yuan in locked shares will be released next week, with significant amounts from companies like Baiwei Storage and Yingxi Network [19] - Wall Street predicts a potential 9% increase in the S&P 500 index for 2026, driven by corporate earnings growth and interest rate cuts [20] Business Industry - The National Internet Information Office has drafted a regulation for the management of AI humanoid interactive services, seeking to promote healthy development in this sector [21] - The Ministry of Commerce responded to the U.S. decision to impose additional tariffs on Chinese semiconductor products, emphasizing China's opposition to such measures [22] - China successfully conducted the first flight of the world's first 6-ton tilt-rotor aircraft, marking a significant technological breakthrough [23] - Wall Street's GPU leader, Birun Technology, is set to list on the Hong Kong Stock Exchange, with an IPO price range of 17.00 to 19.60 HKD [24] - The 2025 China Green Hydrogen Industry Conference will be held, focusing on policies and technological advancements in the green hydrogen sector [25] - The 2025 Shenzhen Brain Conference will take place, aiming to foster innovation and collaboration in brain science and technology [26]

今天分享的是：国际市场快速修复，行业运行稳中提质—2025年航空运输行业回顾及展望 报告共计：11页 2025年航空运输行业运行总结及2026年展望 2025年航空运输行业整体运行稳中提质，国内客货运市场稳步增长，国际业务快速修复，政策引导行业规范发展，企业经营业 绩持续改善，信用风险展望为稳定。 行业发展环境持续优化。2025年我国经济稳中有进，前三季度GDP同比增长5.2%，居民人均可支配收入实际增长5.2%，外贸进 出口同比增长4%，为航空运输业提供坚实支撑。政策层面聚焦运营效益提升与国际市场拓展，修订国际客运航权配置规则，发 布《空中丝绸之路建设发展报告》，推进"一带一路"航空合作，出台航空客运自律公约遏制恶性竞争，冬春航季加大旅游航线 与国际航班运力投放，中印航线全面复航，助力行业高质量发展。 市场运行呈现"国内稳增、国际复苏"态势。2025年前三季度，全行业完成运输总周转量1220.3亿吨公里，同比增长10.3%。客运 方面，旅客周转量达10536.5亿人公里，同比增长8.1%，其中国内航线增长4.2%，国际航线增长23.5%，已超过2019年同期水 平；旅客运输量5.82亿人次，同比增长5.2% ...

Investment Rating - The report indicates a positive outlook for the shipping sector, expecting a strong start in 2026, particularly for companies like ST Song, China Shipbuilding, and China Power [5]. Core Insights - The shipping industry has seen improvements in new ship orders and pricing since October, with expectations for a strong performance in 2026. The report highlights the potential for a seasonal price increase in January, particularly in the oil and bulk cargo sectors [5]. - The report emphasizes the resilience of the railway and highway freight volumes, with steady growth observed. Data from the Ministry of Transport shows a slight decrease in railway freight but an increase in highway truck traffic [5][6]. - The airline industry is at a turning point, with expectations for significant improvements in airline profitability due to supply constraints and increasing passenger volumes [5]. - The express delivery sector is entering a new phase of competition, with three potential scenarios outlined for future profitability and market dynamics [5]. Summary by Sections Shipping Sector - New ship orders and pricing have improved since October, with expectations for a strong performance in 2026. Companies like ST Song, China Shipbuilding, and China Power are highlighted as key players [5]. - The report notes a significant drop in VLCC rates, with a 34.4% decrease observed on December 24, while crude oil tanker rates showed a 7.6% increase due to supply constraints [5]. Railway and Highway - Railway freight volume was reported at 78.37 million tons, a 1.96% decrease week-on-week, while highway truck traffic increased by 2.02% to 55.44 million vehicles [5][6]. Airline Industry - The report suggests that the airline industry is poised for a golden era, with supply constraints and increased international travel expected to enhance profitability [5]. Express Delivery - The express delivery sector is undergoing a transformation, with three scenarios proposed for future market dynamics, focusing on price recovery and potential mergers [5]. Overall Transportation Index - The transportation sector index rose by 1.37%, underperforming compared to the Shanghai Composite Index, which increased by 1.95% [6].